Organization responsible for the Oracle service Pyth Network (PYTH) initiated the Pyth Ecosystem Grants Program, offering 50 million PYTH grants to eligible community members. This initiative aims to incentivize community participation by encouraging members to share their ideas and insights about the Pyth Network with the broader Web3 community. Additionally, it seeks to promote contributions to the network’s development through educational and research endeavors.
The program provides grants across three categories: Community Grants, Research Grants, and Developer Grants. These grants aim to empower the Web3 community by facilitating the creation of educational content about Pyth, fostering an inclusive entrepreneurial environment, conducting research to enhance the Pyth oracle and promote adoption, and developing new tools and applications for the Pyth protocol.
The program will manage the allocation of PYTH tokens to applicants sourced from the Ecosystem Growth tokenomics category of the token supply. Grants from all three categories will distribute both unlocked and locked tokens.
Community Grants aim to cultivate a robust Pyth Network community. These grants can support individuals in generating content, participating in social events, and collaborating on grassroots initiatives with educational, entertaining, or productive goals.
Research Grants are intended to support the exploration of new network functionalities and areas for enhancement. This category targets researchers and subject matter experts and will operate on a bounty-based structure. Eligible participants are expected to possess skill sets such as quantitative and data-driven research, blockchain infrastructure development, and proven community and educational leadership, among others.
Developer Grants will prioritize incentivizing the development of new tools to bolster the protocol’s functionality, new integrations with Pyth products, and other contributions to network development. These grants will operate on a bounty-based structure. Eligible Developer Grants participants are anticipated to have expertise in blockchain infrastructure or protocol development, a background in constructing and optimizing network infrastructure, familiarity with DevOps practices and automation tools, and experience with quantitative and data-driven methodologies.
Currently, applications for Research Grants and Developer Grants can be submitted through the designated portal on the Pyth Ecosystem Grants website.
What Is Pyth Network?
Pyth Network serves as an oracle protocol linking market data providers to applications across various blockchains. The platform sources market data from more than 100 first-party publishers, encompassing major exchanges and market-making firms globally. With the trust of over 350 protocols on more than 55 blockchains, it ensures the security of their applications.
Recently, Pyth Network has introduced the on-chain price feed for W–the governance token of Wormhole, an interoperability platform for multi-chain bridges and applications, enabling the accessibility to the Pyth Network W-USD price feed across the variety of Pyth-linked blockchains.
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